Pension (124)

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The Ebonyi Government on Thursday released N1.5 billion to settle arrears of workers’ pension and gratuities accruing from Oct.2, 2016 to June 6, 2017.

Senator Emmanuel Onwe, the state Commissioner for Information and Orientation, disclosed this in a statement in Abakaliki.

According to him, the decision was sequel to a report submitted by the committee on verification of workers’ pensions and gratuities to the state executive council.

“The council has authorised the release of N750 million for the payment of pension and gratuity arrears of retired state civil servants.

“The council also authorised the release of N750 million for the payment of the pension arrears and gratuities of local government workers,” he said.

The commissioner said that Gov. David Umahi had directed all eligible beneficiaries to proceed to the Deputy Governor’s Office for verification and to ensure that the payments were disbursed with dispatch.

Onwe said that government would release funds for the ongoing economic empowerment for over 2,000 widows across the state on Monday, Aug. 21.

Onwe said that the N1billion budgeted for empowerment of 4,000 eligible persons of the state was still being disbursed by the Ministry of Empowerment and Job Creation.

He said that over 1,000 persons had already applied and collected grants of N250, 000 each.

Retired Police Officers of Nigeria (REPON) zone one chapter Kano revealed that, it has written to the presidency in respect to the bill presented to the house by Mr. Oluwale Oke of Obokun/Oriade federal constituency of Nigeria seeking for an amendment of pension reform act 2014 which contain the exclusion of Nigerian police, Nigerian customs service among other para-military from the contributory pension scheme. This was disclosed by REPON’s zone one secretary ASP Sa’idu Garba Garaha at the end of its monthly meeting held in Kano. According to him the letter written to the presidency is seeking for Mr. President's…

Governor Rauf Aregbesola of Osun state has approved the release of N1 billion for the payment of contributory pension to retired civil servants in the state. Dr Festus Oyebade, the state Head of Service, made this known on Friday in Osogbo at a meeting of the Forum of Head of Service/Permanent Secretaries, Coordinating Directors, Director-General, General Managers and Executive Secretaries. Oyebade said additional N200 million was also released for the payment of gratuity to the pensioners. The Head of Service stated that the governor was committed to the welfare of all retired and serving Public Servants, hence the approval of…

The Central Bank of Nigeria (CBN) Pensioners’ Welfare Association has called on the bank’s governor to review its members’ pensions in accordance with an agreement entered into in 2017. The association made the call in a statement signed by its Chairman and Secretary-General, Mr Bayo Ademola and Mr Felix Obi, respectively. The statement was made available to the News Agency of Nigeria (NAN) in Lagos on Friday. “The primary purpose of this letter is to formally register our displeasure at the apparent lack of will on the part of management to implement the two-point agreement reached with CBN pensioners." “We…

The pension industry has undergone rapid transformation in slightly over a decade largely due to reforms that saw Nigeria offsetting billions of unpaid pension liabilities and accumulating N7.52 trillion under the contributory pension scheme (CPS) as at the end of December, 2017. The National Pension Commission (PenCom), currently headed in acting capacity by Aisha Dahir-Umar, had over the years regulated the contributory pension scheme, growing membership to slightly less than eight million members. Despite these achievements in the nation’s pension industry, there are key policy issues affecting pension and retirement in the country that are still in limbo. One of…